Thursday, August 2nd, 2012 at 6:51 am ?
Filing for personal bankruptcy is quite a complicated process. There are a number of kinds of bankruptcy, and to determine the best kind, you must consider the state of your finances and the type of debt you have. Therefore, it is essential that you learn about bankruptcy prior to petitioning the courts for bankruptcy protection. The following tips can help you get started.
You do not need to halt your plans to file simply because you have changed jobs. It still may be ideal to file for bankruptcy. The timing of your bankruptcy is a big deal. If your filing is done before you earn a new income, you can calculate repayment means without taking that into account.
If you are considering using credit cards to pay your taxes and then file for bankruptcy, you may want to rethink that. Generally, this type of debt is not covered by bankruptcy filing, and you will still have a large debt owing to the IRS. If the tax can be discharged, so can the debt. Therefore, you have no reason for use of a credit card, if the amount is to be discharged in due process of the bankruptcy.
Be sure to be transparent with your bankruptcy attorney in regards to the number of creditors you have and who these creditors are. Let him know your entire financial situation, even if you owe money to friends and family.
When filing for bankruptcy, ensure you have listed all of your financial obligations. Failing to list these could cause the dismissal or delay of your bankruptcy petition. You might think some asset or debt isn?t worth bothering with, but you should disclose it just to be on the safe side. Anything, like a job on the side, assets, like cars, and any outstanding loans should be included.
Before pulling the trigger on bankruptcy, be sure that other solutions aren?t more appropriate for your case. If your debts are really not overwhelming, you may find the assistance you need by consulting a consumer credit counselor. You might also be able to negotiate lower payments yourself, but make sure that you get written records of any debt modifications to which you agree.
Make sure you do your research before you file for bankruptcy. Review your situation and see how many of your debts you can have discharged. Some debts are not discharged if they occurred less than 90 days after filing for bankruptcy. Check with your state?s bankruptcy laws to be sure.
Lots of people who file for bankruptcy say they will never use credit cards again. In reality, though, credit cards can be a useful tool for people who are looking to rebuild their credit score after bankruptcy. You will not be able to get your credit back to a respectable score if you don?t use credit. Start with just one card in order to move your credit in the direction you want it to go.
For example, if a student loan is the major player in your debt, bankruptcy will be of little benefit. Laws and regulations are different from one state to the other, but student loans remain among the hardest debts to cancel. The court will make you prove that the loans are so extreme that they provide intense hardship for you in order to have the loans discharged from your debt.
Obviously you see the necessity for proper planning and decision-making in before you file. If you decide that it makes sens for your financial situation, you can benefit from working with an attorney who is experienced with personal bankruptcy, so that you can make the experience the beginning of your new, clean financial slate.
Tagged with: bankruptcy ? Decide ? Filing ? Personal ? Worries
Filed under: Finance Tips
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Source: http://finance-411.com/how-you-can-decide-if-filing-for-personal-bankruptcy-will-end-your-worries/
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